Rent Reserve. 32 Report............................................................... 32
Rent Reserve the aggregate of (a) all past due rent and other past due charges owing by any Borrower to any landlord or other Person who possesses any Collateral or has the right to assert a Lien on any Collateral; plus (b) a reserve in an amount not to exceed rent and other charges that the Agent determines, in its Permitted Discretion (but in any event, not more than three months’ rent), could reasonably be expected to be payable to any such Person for the time period used to determine and realize the Net Orderly Liquidation Value of Collateral.
Rent Reserve. (a) Upon the Effective Date, the parties agree to create a reserve account (the “Rent Reserve”) which Tenant hereby pledges to Landlord as further security for payment of Rent.
Rent Reserve. 29 4.17 Further Assurances; Post Closing Deliveries........................... 29 4.18 Acquisitions and Ownership of Real Property........................... 32 4.19
Rent Reserve. The Borrower shall establish the Rent Reserve, which shall be fully funded by September 30, 2001 with respect to all of the real Property of the TIAA Subsidiaries subject to the TIAA Facilities as of the Effective Date. At each time after the Effective Date that any real Property of the Borrower or any of its Subsidiaries becomes subject to financing provided by TIAA which is not subject to such financing as of the Effective Date (each such parcel of real Property, when so financed with TIAA, being referred to as an "Additional TIAA Property"), the Borrower shall cause the Rent Reserve to be increased by an amount equal to five (5) months' principal and interest and impositions of the required payments of the related TIAA Financing Agreements at the time when such related TIAA Financing Agreements are executed.
Rent Reserve. (a) On July 31, 2001, Borrower shall deposited with Agent the sum of $1,500,000 in an interest bearing account, which account is pledged to Agent (the "Rent Reserve Account"). All interest on such account shall constitute income of the Borrower.
(b) On August 31, 2001 and September 28, 2001, Borrower shall make deposits into the Rent Reserve Account, in amounts equal to $1,200,000.
(c) At each time after the Effective Date that any real Property of the Borrower or any of its Subsidiaries becomes an Additional TIAA Property, the Borrower shall promptly (and in any event within two Business Days) cause the amount on deposit
Rent Reserve a. Escrow Agent shall make monthly disbursements of the Escrow Funds up to the amount of the Rental Reserve for rental shortfalls attributable to Tenant during Rental Holdback Period on the terms set forth below:
i. To Pelham Purchaser, the amount for the time period set forth on Exhibit B [note- Exhibit B should list rental payment schedule], automatically on the 16th of each month, or, if Pelham Purchaser has received rent and additional rent from Tenant, Pelham Purchaser shall deliver written notice to Escrow Agent and Pelham Seller stating the amount of such payment, which such amount shall be disbursed to Pelham Seller (the “Rent Notice”). Should Pelham Seller deliver a written objection to Escrow Agent and Pelham Purchaser on or before the 15th day of a month, Escrow Agent shall not disburse the funds from the Rental Escrow Account until instructed to do so in writing by both Pelham Seller and Pelham Purchaser, or by court order.
Rent Reserve. (a) Borrowers shall deposit with Lender on the date hereof $61,775.10, representing the amount of future rent credits or abatements under existing Leases (the “Rent Concession Reserve Funds”). So long as no Event of Default has occurred and is continuing, Lender shall disburse amounts from the Rent Concession Reserve Funds as set forth on Schedule IV attached hereto.
Rent Reserve. Lessee shall establish and maintain throughout the Term the Rent Reserve and shall have the authority to invest amounts deposited into the Rent Reserve in cash, cash equivalents and government securities. With the exception of interest earned on any such investments, all funds in the Rent Reserve shall be held in reserve for a period of ten (10) years from the date each such sum is funded into the Rent Reserve, except to the extent drawn upon by Lessor on an annual basis to pay accrued and unpaid Additional Rent.
Rent Reserve. At the Closing, Seller agrees to deliver to Tenant TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000.00) (the "Rent Reserve") of the Purchase Price paid to Seller to be held by Tenant as a reserve for rent shortfalls under the Lease Agreement as set forth in the Side Letter attached hereto as Exhibit B.
